Wed, May 15, 1:15 PM (72 days ago)
Community Bancorp.'s Q1 2024 financial report highlights a mixed performance. The company's total assets increased by 0.7% to $1.11 billion, driven primarily by a $20.9 million increase in loans, though partially offset by a $4.5 million decrease in cash and a $10.1 million reduction in investment securities. Total deposits decreased by $13.2 million, or 1.5%, reflecting a typical seasonal trend and customer spending patterns. Interest income rose by 19.4% year-over-year, supported by loan growth and higher interest rates, while interest expense surged by 100.4%, driven by increased deposit and borrowing costs. This led to a slight decline in net interest income. The credit loss expense increased by 9.4%, reflecting loan portfolio growth and changes in economic forecasts. Net income for Q1 2024 was $2.8 million, down from $3.3 million in Q1 2023, primarily due to higher interest expenses. The company maintained strong capital ratios, with a common equity tier 1 capital ratio of 11.94%. Overall, while loan growth and interest income were positive, increased costs and a seasonal dip in deposits impacted the bottom line.